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ACACIA RESEARCH CORP（ACTG）与ARS Pharmaceuticals, Inc.（SPRY）财务数据对比。点击上方公司名可切换其他公司
ACACIA RESEARCH CORP的季度营收约是ARS Pharmaceuticals, Inc.的1.8倍（$50.1M vs $28.1M），ACACIA RESEARCH CORP净利率更高（6.8% vs -147.1%，领先153.9%），ACACIA RESEARCH CORP同比增速更快（2.6% vs -67.6%）
槐亚研究公司是一家总部位于纽约市的美国上市企业，在科技、能源以及工业制造领域开展业务收购与运营工作。该公司与控股股东斯塔博德价值投资合伙企业保持战略伙伴关系，这家企业在业内常被归类为专利流氓。
ARS Pharmaceuticals是一家处于后期研发阶段的生物制药企业，专注于开发和商业化严重过敏反应创新疗法，核心产品为无需注射的肾上腺素鼻腔递送制剂，主要面向北美市场，服务存在致命过敏风险的成人及儿童患者群体。
ACTG vs SPRY — 直观对比
营收规模更大
ACTG
是对方的1.8倍
$28.1M
营收增速更快
ACTG
高出70.2%
-67.6%
净利率更高
ACTG
高出153.9%
-147.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $50.1M | $28.1M |
| 净利润 | $3.4M | $-41.3M |
| 毛利率 | 12.8% | — |
| 营业利润率 | -26.1% | -147.6% |
| 净利率 | 6.8% | -147.1% |
| 营收同比 | 2.6% | -67.6% |
| 净利润同比 | 125.5% | -182.8% |
| 每股收益（稀释后） | $0.03 | $-0.41 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ACTGSPRY
| Q4 25 | $50.1M | $28.1M | ||
| Q3 25 | $59.4M | $32.5M | ||
| Q2 25 | $51.2M | $15.7M | ||
| Q1 25 | $124.4M | $8.0M | ||
| Q4 24 | $48.8M | $86.6M | ||
| Q3 24 | $23.3M | $2.1M | ||
| Q2 24 | $25.8M | $500.0K | ||
| Q1 24 | $24.3M | $0 |
净利润ACTGSPRY
| Q4 25 | $3.4M | $-41.3M | ||
| Q3 25 | $-2.7M | $-51.2M | ||
| Q2 25 | $-3.3M | $-44.9M | ||
| Q1 25 | $24.3M | $-33.9M | ||
| Q4 24 | $-13.4M | $49.9M | ||
| Q3 24 | $-14.0M | $-19.1M | ||
| Q2 24 | $-8.4M | $-12.5M | ||
| Q1 24 | $-186.0K | $-10.3M |
毛利率ACTGSPRY
| Q4 25 | 12.8% | — | ||
| Q3 25 | 21.2% | — | ||
| Q2 25 | 12.8% | — | ||
| Q1 25 | 47.4% | — | ||
| Q4 24 | 17.6% | — | ||
| Q3 24 | 10.1% | — | ||
| Q2 24 | 26.2% | — | ||
| Q1 24 | 49.2% | — |
营业利润率ACTGSPRY
| Q4 25 | -26.1% | -147.6% | ||
| Q3 25 | -10.8% | -163.7% | ||
| Q2 25 | -24.2% | -302.9% | ||
| Q1 25 | 30.8% | -466.3% | ||
| Q4 24 | -32.4% | 54.5% | ||
| Q3 24 | -44.1% | -1051.6% | ||
| Q2 24 | -18.4% | -3068.0% | ||
| Q1 24 | -8.6% | — |
净利率ACTGSPRY
| Q4 25 | 6.8% | -147.1% | ||
| Q3 25 | -4.6% | -157.4% | ||
| Q2 25 | -6.4% | -285.6% | ||
| Q1 25 | 19.5% | -425.7% | ||
| Q4 24 | -27.5% | 57.7% | ||
| Q3 24 | -60.0% | -925.0% | ||
| Q2 24 | -32.7% | -2503.2% | ||
| Q1 24 | -0.8% | — |
每股收益（稀释后）ACTGSPRY
| Q4 25 | $0.03 | $-0.41 | ||
| Q3 25 | $-0.03 | $-0.52 | ||
| Q2 25 | $-0.03 | $-0.46 | ||
| Q1 25 | $0.25 | $-0.35 | ||
| Q4 24 | $-0.14 | $0.52 | ||
| Q3 24 | $-0.14 | $-0.20 | ||
| Q2 24 | $-0.08 | $-0.13 | ||
| Q1 24 | $0.00 | $-0.11 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $306.7M | $245.0M |
| 总债务越低越好 | $91.9M | $96.4M |
| 股东权益账面价值 | $543.5M | $114.3M |
| 总资产 | $771.0M | $327.7M |
| 负债/权益比越低杠杆越低 | 0.17× | 0.84× |
8季度趋势，按日历期对齐
现金及短期投资ACTGSPRY
| Q4 25 | $306.7M | $245.0M | ||
| Q3 25 | $301.8M | $288.2M | ||
| Q2 25 | $316.7M | $240.1M | ||
| Q1 25 | $272.0M | $275.7M | ||
| Q4 24 | $273.9M | $314.0M | ||
| Q3 24 | $410.9M | $204.6M | ||
| Q2 24 | $441.9M | $218.7M | ||
| Q1 24 | $498.4M | $223.6M |
总债务ACTGSPRY
| Q4 25 | $91.9M | $96.4M | ||
| Q3 25 | — | $96.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ACTGSPRY
| Q4 25 | $543.5M | $114.3M | ||
| Q3 25 | $537.6M | $147.7M | ||
| Q2 25 | $538.6M | $192.3M | ||
| Q1 25 | $540.2M | $229.0M | ||
| Q4 24 | $514.8M | $256.8M | ||
| Q3 24 | $540.2M | $201.0M | ||
| Q2 24 | $560.7M | $215.2M | ||
| Q1 24 | $568.3M | $223.9M |
总资产ACTGSPRY
| Q4 25 | $771.0M | $327.7M | ||
| Q3 25 | $768.9M | $372.8M | ||
| Q2 25 | $775.5M | $313.5M | ||
| Q1 25 | $801.6M | $327.3M | ||
| Q4 24 | $756.4M | $351.2M | ||
| Q3 24 | $707.6M | $217.6M | ||
| Q2 24 | $753.6M | $222.0M | ||
| Q1 24 | $631.7M | $227.6M |
负债/权益比ACTGSPRY
| Q4 25 | 0.17× | 0.84× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $75.2M | $-43.5M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | 0.0% |
| 现金转化率经营现金流/净利润 | 22.01× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ACTGSPRY
| Q4 25 | $75.2M | $-43.5M | ||
| Q3 25 | $9.5M | $-47.0M | ||
| Q2 25 | $50.1M | $-39.6M | ||
| Q1 25 | $2.4M | $-40.7M | ||
| Q4 24 | $50.1M | $42.0M | ||
| Q3 24 | $-593.0K | $-14.5M | ||
| Q2 24 | $16.1M | $-7.3M | ||
| Q1 24 | $54.8M | $-6.7M |
自由现金流ACTGSPRY
| Q4 25 | — | — | ||
| Q3 25 | — | $-47.2M | ||
| Q2 25 | — | $-39.6M | ||
| Q1 25 | $335.0K | $-40.8M | ||
| Q4 24 | $-98.5M | $41.7M | ||
| Q3 24 | $-2.8M | $-14.6M | ||
| Q2 24 | $-126.7M | $-7.3M | ||
| Q1 24 | $54.6M | $-6.8M |
自由现金流率ACTGSPRY
| Q4 25 | — | — | ||
| Q3 25 | — | -145.4% | ||
| Q2 25 | — | -252.2% | ||
| Q1 25 | 0.3% | -512.1% | ||
| Q4 24 | -201.8% | 48.2% | ||
| Q3 24 | -12.1% | -706.3% | ||
| Q2 24 | -490.5% | -1463.4% | ||
| Q1 24 | 224.4% | — |
资本支出强度ACTGSPRY
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | 1.7% | 1.1% | ||
| Q4 24 | 304.4% | 0.3% | ||
| Q3 24 | 9.6% | 6.8% | ||
| Q2 24 | 553.0% | 7.6% | ||
| Q1 24 | 1.1% | — |
现金转化率ACTGSPRY
| Q4 25 | 22.01× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
ACTG
| Energy Operations | $16.0M | 32% |
| Transportation Safety | $10.4M | 21% |
| Office Storage And Display Solutions | $8.4M | 17% |
| Printers Consumables And Parts | $6.5M | 13% |
| Natural Gas Reserves | $5.1M | 10% |
| Natural Gas Liquids Reserves | $3.3M | 7% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
